Credit scores heading down

Credit scores for American consumers are down for the first time in a decade. Don’t be surprised. 

What is Know The Difference Minute?

Hot topics, fresh stories and useful formation; all in 60 seconds

Sound familiar?
Welcome to the Know the Difference Minute for Wednesday, March 6th.
When you borrow money, you’re expected to pay it back. If you don’t, you’re a credit risk.
Credit scores for American consumers are down for the first time in a decade. Don’t be surprised. Balances have increased by $50 billion in the last year.
In fact, total credit card debt is over $1.1 trillion. Consumers are spending down savings and using credit to make ends meet. Made worse by average credit card interest at 24%.
That is a slippery slope.
Back to the ‘sound familiar’ part. Our government has joined the American consumer on that slippery slope. Total US debt is over $34 trillion. It increases by $1 trillion every 100 days. By Summerfest, we’ll be over $36 trillion.
I’ve seen this described as a ‘Fiscal Time Bomb’. Time to pay attention.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.